Page 2 - Essar Group

Essar awaits final approvals to begin work on steel plant in Saudi

Essar Group is awaiting final approvals to start investing about USD 4.5 billion in building a low-carbon steel plant in Saudi Arabia, its top official Prashant Ruia said. The approvals are expected anytime now, after which the conglomerate will start working on the 4 million tonne per year steel plant along with port facilities at Ras Al-Khair in Saudi Arabia. "We still haven't got all the final approvals," Ruia, director of Essar Capital, which manages the group's portfolio of investments, said in an interview with PTI. The plant will meet domestic steel demand in Saudi Arabia. "Saudi Arabia is going through a large growth phase, a large part of steel today is getting imported into Saudi Arabia. So this is basically a domestic plant," he said. The oil-rich kingdom is eyeing becoming an electric vehicle manufacturing hub, manufacturing more than 3 lakh cars annually by 2030. Essar is looking to tap into the demand for steel for such cars as well as for other consumer goods ...

Essar to invest Rs 30,000 cr in green hydrogen plant in Gujarat over 4 yrs

Essar Group plans to invest Rs 30,000 crore over the next four years in setting up a green hydrogen plant at Jamnagar in Gujarat as the metals-to-infrastructure conglomerate eyes clean energy as a key pillar for its new phase of growth. The conglomerate is looking to decarbonise its oil refinery in the UK, construct a green steel plant in Saudi Arabia, and build an LNG and electric ecosystem to decarbonise long-haul heavy trucks, Prashant Ruia, director of Essar Capital, which manages the group's portfolio of investments, said. It is also considering an entry into mining of critical minerals, mainly used in electric vehicle batteries, solar panels and wind-turbine magnets. Essar Future Energy plans to develop 1 gigawatt of hydrogen capacity along with associated green molecules capacity of 1 million tonne per annum in Jamnagar over the next four years, he said in an interview with PTI. "We are going to invest around Rs 30,000 crore (in the green hydrogen project in Jamnagar)," he .

Essar sees growth potential for Black Box amid AI boom: Prashant Ruia

Essar Group sees huge growth potential in its IT firm Black Box with boom in artificial intelligence (AI) technology driving demand for new data centres and managed services across the globe, a top official of the multinational conglomerate said. In an exclusive interview with PTI, Prashant Ruia, director of Essar Capital, which manages the group's portfolio of investment, expressed confidence in the sector. "This is a company which can see tremendous growth, because the kind of growth taking place in data centres and managed services globally is exponential," he said. Black Box, listed on the Indian stock exchanges, has operations spread across 35 countries, but its major business comes from the US. "It's obviously listed in India, but it's primarily headquartered, main operations are in the US. We currently do about USD 800 million of revenue in Black Box... about 75 per cent of the market for us is the US. We have a very large operation headquartered in Dallas, we have close to

Global investors attracted to India amid political stability: Prashant Ruia

We are making significant advances in energy transition, focusing on hydrogen, green mobility, and green steel ecosystems, Ruia said

Essar group signs MoU with Gujarat govt to invest Rs 55,000 crore

These projects would create over 10,000 job opportunities

Essar plans to make Saudi Arabia regional hub to drive expansion locally

Saudi Arabia has been trying to shift its economy away from oil and is aiming to manufacture more than 300,000 cars annually by 2030

Black Box targets $1 bn revenue by next fiscal, buoyed by rising demand

On Wednesday, shares of Black Box closed at Rs 204, giving the company a total valuation of Rs 3,427 crore

Essar, Desert Tech sign pact for green steel solutions in Saudi Arabia

Essar has been tying up the back end for its proposed Saudi steel plant, which is expected to start production in 2027

Essar signs deal with Vale to get raw material supply for Saudi steel plant

Complete raw material supply of iron ore feed for project secured, says Indian firm

Bahrain Steel inks pact with KSA Green to supply iron ore to GSA project

Bahrain-based firm Foulath arm Bahrain Steel has collaborated with Essar Group's KSA Green Steel Project for supply of iron ore pellet to Green Steel Arabia (GSA) project. Through this partnership, the Bahrain Steel will deliver four million tonnes of DR-grade pellets per annum (mtpa) to Essar Group, a statement said. The Bahrain Steel is the only (Gulf Cooperation Council) GCC-owned pellet producer and leading supplier of high-quality DR grade pellets to all integrated steel producers in the region, it stated. "Foulath Subsidiary, Bahrain Steel, a leading producer, and global supplier of high-grade iron-ore pellets, has partnered with multinational conglomerate Essar Group in the supply of iron ore pellets to the Green Steel Arabia (GSA) project. The Letter of Intent (LOI) signing ceremony was held on Wednesday, 16th August 2023, in Jubail, Saudi Arabia. Dilip George, Group CEO of Foulath Holding, said in the statement,"Bahrain Steel's LOI with Essar for the supply of 4 million .

UK clears Essar's $2.4 bn energy transition project helping carbon economy

Vertex Hydrogen project will support UK government's net zero ambitions, says company

TMS Ep384: Essar group, free trade agreement, metal stocks, generative AI

How can Essar regain its lost glory? Has India benefitted from its FTAs? Is it time to bet on metal stocks as China reopens? What is generative artificial intelligence? All answers here

Essar group returns to steel business with $8-billion investment

Setting up steel plant in Saudi, an iron pellet plant each in Odisha, US

Essar Group bets $3.6 billion on decarbonisation in India and UK

Will invest $1.2 bn to develop a global supply hub for low-carbon fuels

Setting up green ammonia plant in India: Essar group's Prashant Ruia

"The project will be funded through both debt and equity and we will approach banks in India and abroad for debt"

Essar Group plans $4.9 billion petrochemical complex in Odisha

India's Essar Group plans to set up a 400 billion rupee ($4.92 billion) petrochemical complex in the eastern state of Odisha in a tie-up with a global player, it said in a statement on Thursday

EPTL, EPL conclude $2.05 bn transaction of port & power assets with AM/NS

In order to complete its asset monetisation drive to effectively become debt free, Essar Ports & Terminals Ltd (EPTL) and Essar Power Ltd (EPL) on Monday concluded the $2.05 billion (Rs 16,500 crore) sale of captive ports and power assets located in Hazira and Paradip to Arcelor Mittal Nippon Steel India Ltd (AM/NS).

AM/NS India completes Rs 16,500 cr acquisition of Essar group infra assets

The transaction, fully funded by AM/NS India, includes two port assets and a power plant which are now wholly-owned and operated by it

AM/NS India eyes $250-300 mn gain from purchase of Essar group infra assets

The port and power assets are primarily captive to AM/NS' Hazira steel plant in Gujarat, will expand firm's footprint and operating efficiencies

CCI clears acquisition of Essar Group assets by ArcelorMittal Nippon Steel

The Competition Commission of India on Thursday approved acquisition of assets of Essar Group by ArcelorMittal Nippon Steel India Ltd.